Cyprus Mail
BusinessWorld

Belarus devalues currency again to protect against Russian economic fallout

By Andrei Makhovsky

Belarus took further emergency steps on Thursday to defend itself from economic turmoil in Russia, devaluing its currency by around 7 percent for the second time this week, raising its main refinancing rate and imposing a new export tax on potash.

Former Soviet countries are feeling the pain as Russia, often the main trading partner, suffers from Western sanctions over Ukraine and a sliding oil price, which sent the Russian rouble down by about 40 percent against the dollar last year.

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